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Champagne index to men’s underwear index: Most peculiar economic indicators

<ul class="summary-list"><li>The S&amp;P 500 has enjoyed a bull market since October 2022, rising nearly 70%.</li><li>LPL Financial's Quincy Crosby expects the rally to continue into 2025.</li></ul>The stock market has been experiencing a bull market for the last two years.The S&amp;P 500 bottomed in October 2022 and has gained nearly 70% since then.It's safe to say that the economy is on much better footing than it was two years ago. Although there are still concerns about rising prices, headline inflation has markedly improved from the 8.2% level that consumers were experiencing back then.<div type="image" title="Strong S&amp;P500 appreciation over the last two years" height="377" width="676" msid="114397005" hostid="261" sizebytes="14026"></div>Now, as election and geopolitical tensions cause volatility, the question is whether this winning streak will continue for a third year and into 2025.Quincy Crosby, LPL Financial's chief global strategist, believes it will."There's no compelling reason that this bull should surrender to the always lurking bear, especially with an accommodative Federal Reserve, solid economic underpinning, and an earnings outlook poised for stable growth," Crosby wrote in a note.<h2 id="97136535-3e84-4462-b401-6e41cd366c5e">3 reasons for a third year</h2>Bull markets don't die of old age, according to Crosby. External factors such as a recession, increasing interest rates, poor performance from corporate America, and geopolitical shocks are what usually halt a stock market runup.Luckily, Crosby doesn't see room for those concerns.As companies begin to report their third-quarter results, it's clear that the earnings of the market's biggest companies are strong. And it seems like the earnings season is off to a good start: the big banks such as JPMorgan Chase, Goldman Sachs, and Wells Fargo all beat consensus earnings estimates.The Magnificent Seven drove much of the returns for the S&amp;P 500 this year, contributing 34% of the index's total return. Now, the market is slowly broadening and bringing even more companies into the fold.According to Morningstar category data, investors are increasingly pulling money out of the technology sector and investing in areas like real estate, consumer defensive, and utilities.Analysts expect S&amp;P 500 companies to report 4.2% profit growth for Q3. Crosby expects corporate earnings to rise throughout 2025, boosted by robust operating margins and increased consumer spending.Earnings for non-tech companies are catching up, too. According to Jack Ablin, the chief investment officer at Cresset Capital Management, the other 493 are projected to grow profits by double digits in the first quarter of 2025.Crosby is also optimistic that the Federal Reserve will successfully engineer a soft landing, bolstering the economy and encouraging consumer confidence. Goldman Sachs and prominent economists have reduced the probability of a recession within the next year to just 15%, the average likelihood of a downturn in any given year. And if the labor market shows signs of weakness in the coming months, Crosby has faith that the Fed will cut rates more aggressively to stimulate the economy.The September retail sales report revealed an increase of 0.4% last month, beating the consensus prediction of 0.3%, and providing yet another indicator of a solid economy.Fed Chairman Jerome Powell has caveated that the path to lower inflation could be "bumpy," but Crosby believes the economy is trending in the right direction.Lastly, historical precedent is on the bull market's side. Ever since World War II, bull markets that have lasted two years continue onwards for a third.Concerns about the election impacting the market are also overblown, according to Crosby."There's a focus on election year 'uncertainty' rather than the 'certainty' the market historicallyenjoys once the election is over, and the market concludes the year during the most hospitable period in terms of seasonality," Crosby wrote.While stocks do tend to be more volatile in the three months leading up to Election Day, Buchbinder points out that the S&amp;P 500 Index ends the year higher 83% of the time. Markets also often exhibit a fourth-quarter rally after the election results bring increased stability, meaning that these seasonality trends support a continuation of the bull market.

3 signs that investors should expect the bull market to continue for a third year in 2025 

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 12 (ANI): India's demand for petroleum products is likely to increase by a mid-single-digit percentage in the financial year ending March 2024, following a 10 per cent post-pandemic recovery in 2022-23, according to <keyword id="19949381" type="General" weightage="20" keywordseo="fitch-ratings" source="keywords">Fitch Ratings</keyword>. Both petrol and diesel sales recorded robust 4-6 per cent increases in the first nine months of 2023-24, fuelled by heightened economic activities in the agriculture and power sectors, coupled with a surge in holiday travel and auto sales. Fitch said it expects Indian refiners' gross refining margins (GRM) to moderate during 2024-25 from the strong levels expected in 2023-24, but remain above mid-cycle levels. By 2025-26, it foresees a shift closer to mid-cycle levels, but remaining resilient, bolstered by the escalating demand for end-products. "The gradual normalisation of the crude supply mix away from Russian imports is likely to narrow GRMs, although we expect margins to stay strong, supported by the rising demand for end-products," the rating agency said. In the upstream segment, domestic oil and gas production has modestly increased, driven by a 5 per cent rise in gas production in the first nine months of 2023-24. "We expect production to continue to rise moderately as technological investments in enhanced oil recovery techniques will offset natural declines," the rating agency said. Fitch forecasts the oil and gas sector's high capex intensity to continue in the medium term, particularly with upstream companies investing in production enhancement. In the downstream segment, <keyword id="20039004" type="General" weightage="20" keywordseo="hindustan-petroleum-corporation-limited" source="keywords">Hindustan Petroleum Corporation Limited</keyword> should maintain higher capex due to planned investments by its subsidiary, HPCL <keyword id="20521636" type="General" weightage="20" keywordseo="rajasthan-refinery-limited" source="keywords">Rajasthan Refinery Limited</keyword>. The capex of other oil marketing companies, including HPCL-Mittal Energy Limited, should be minimal as they have completed their expansion projects, it said. India, the world's third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand. (ANI)

India's petroleum products demand to increase mid-single-digit percentage in 2023-24: Fitch

<ul class="summary-list"><li>A judge has ordered Google to open up Android to rival third-party app stores.</li><li>The ruling is part of Epic Games' blockbuster antitrust case against Google.</li></ul>A US judge has ruled that <a target="_blank" class="" href="https://www.businessinsider.com/fortnite-maker-epic-games-battles-google-over-app-store-fees-2023-11">Google must open up Andriod</a> for third-party app stores.The ruling, made on Monday, was one of several remedies in the landmark antitrust case brought against Google by Epic Games, the company behind the video game Fortnite. The remedies aim to give Android users more options for downloading apps and paying for transactions within them.The judge ruled that for three years, Google will not be able to pay companies to launch apps exclusively on the Play Store or pay them to preinstall the company's app store on devices.The judge also ruled that Google must allow competition app stores to access Google Play apps and that it cannot require app makers to use Google Play Billing.The remedies are set to take force from November. Shares of Google's parent company, Alphabet, fell 2.4% following the ruling.In a <a target="_blank" class="" href="https://blog.google/outreach-initiatives/public-policy/epic-games-verdict-appeal/">statement posted online,</a> Google said it was appealing the decision."The Epic verdict missed the obvious: Apple and Android clearly compete. We will appeal and ask the courts to pause implementing the remedies to maintain a consistent and safe experience for users and developers as the legal process moves forward," the company said."We will keep advocating for what is best for developers, device manufacturers, and the billions of Android users around the world."Representatives for Epic Games did not immediately respond to a request for comment from Business Insider, made outside normal working hours.The ruling is Google's latest setback. Last year, a jury found Google had violated antitrust policies in its Play Store for Android systems. The jury found that the <a target="_blank" href="https://www.businessinsider.com/google-lawsuit-antitrust-case-doj-search-agreements-apple-2023-9">tech giant held a monopoly</a> in its Play Store for Android operating systems that limited the reach of competitors' apps and drove up prices for processing in-app purchases.

Google must allow third-party app stores on Android, Epic Games judge rules

Donald Trump is running for president for the third time. Here's the lowdown on his personal life, career, and politics.

<ul class="summary-list"><li>Nvidia briefly surpassed Apple as the world's most valuable company on Friday with a $3.53 trillion valuation.</li><li>Nvidia's rise has been fueled by its AI-enabling GPUs, boosting its market value by $3.1 trillion since the release of ChatGPT.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> briefly eclipsed <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/AAPL-stock">Apple</a> to become the world's most valuable company on Friday.It's the first time Nvidia has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-market-cap-microsoft-most-valuable-company-ai-2024-6">the world's largest company since mid-June.</a>Nvidia stock jumped as much as 3% on Friday to an intra-day high of $144.13, catapulting its market valuation to $3.53 trillion. In contrast, Apple traded up less than 1%, giving it a market valuation of $3.52 trillion.Nvidia stock has since pared its gains to about 1% and is trading neck-and-neck with Apple's valuation, at $3.52 trillion compared to Apple's $3.53 trillion at 1:24 p.m., according to data from YCharts.The massive size of Nvidia is a testament to its quick ascent since OpenAI released its first version of ChatGPT in November 2022.Since then, shares of Nvidia, which supplies the technology world with AI-enabling GPU chips, have added $3.1 trillion to their market valuation, with their stock price soaring more than 740%.<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-nvda-blackwell-demand-outlook-chips-ai-2024-10">Wall Street believes the gains can continue,</a> with some analysts expecting the stock to eclipse a $4 trillion valuation soon.Bank of America analysts raised their Nvidia price target to $190 last week, citing strong upside and a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-upside-growth-ai-chips-demand-bofa-2024-10">"generational opportunity" </a>as it grows its lead in the AI space. Meanwhile, CFRA Research analyst Angelo Zino bumped his price target to $160 as an "AI war" takes place among the major cloud companies."The higher multiple and target reflect our higher conviction that NVDA will post results that exceed our/consensus views in CY 25, as Blackwell ramps. As we previously cited, Blackwell will take greater wallet share from hyperscalers (e.g., greater GPU, CPU, networking, and software revenue) amid an AI war in the cloud," Zino wrote.All eyes will be on Nvidia when they report their third-quarter earnings results next month.

Nvidia dethrones Apple as the world's most valuable company

<ul class="summary-list"><li>I've been a Charli XCX superfan for years and saw her when I was 14.</li><li>Now, I'm a working adult but still a superfan. I've made time to see her perform three times this year.</li></ul>In 2017, <a target="_blank" class="" href="https://www.businessinsider.com/charli-xcx-spinning-the-1975-song-sxsw-documentary-interview-2021-3">Charli XCX</a> opened for Halsey on her Hopeless Fountain Kingdom tour. Somewhere on the internet, a photo can be found: 14-year-old me in ripped black skinny jeans with blue hair, and 25-year-old Charli in a holographic pink windbreaker set with a high pony.By that time, Charli had already had her breakthrough — three years earlier in 2014, first with her feature on Iggy Azalea's hit single "Fancy" and then "Boom Clap," her first Billboard Top 10 single as the lead artist. She was well into establishing her own niche in the hyperpop genre after releasing her 2016 EP "Vroom Vroom" and the mixtapes "Number 1 Angel," and "Pop 2."Seven years later, in 2024, things are different — for both of us.Charli's star was already on the rise in 2017, but it hadn't reached the zenith it would with <a target="_blank" class="" href="https://www.businessinsider.com/charli-xcx-brat-remix-features-billie-eilish-lorde-addison-rae-2024-8">the release of her album "Brat"</a> this summer. As for me, I'm no longer a teenager but a working professional en route to see Charli perform yet again, this time at the <a target="_blank" class="" href="https://www.businessinsider.com/storm-king-art-center-day-trip-from-new-york-city-2012-7">Storm King Art Center</a>, a world-famous outdoor sculpture garden in upstate New York.It'll be a three-hour drive from my apartment in Brooklyn. I'm making the trek at 6 a.m. so I have plenty of time to clock into my remote job at 9 a.m. on the dot and get some work done. This will be my third time seeing the pop star perform in four months and the second time I've managed to fit my fandom around my work schedule.Each show, from tiny venues to massive arenas, has been well worth it. But the Storm King show was my best experience yet, and well worth missing some work.<h2 id="764d5e8b-1e77-40fc-b30b-24c9e736fbd0">Experiencing Charli XCX's "Brat" live for the first time felt like more than just a concert— it was a celebration of her rise to pop stardom.</h2><div type="image" title="The stage of Charli XCXs show at Brooklyn Paramount" height="1620" width="2160" msid="114356724" hostid="261" sizebytes="65946"></div>My first time seeing Charli perform this year was at the Brooklyn Paramount on June 11, four days after the release of "Brat."Fans subscribed to the artist's text chain had received a message on March 24 reading, "i know u hate when i send you my tiktoks… tomorrow's not going to be a tiktok :)." Sure enough, the next day at 11:01 a.m., another text was sent — this time, a link to the ticketing platform dice.fm.The tickets sold out within 15 minutes; I thankfully got mine in nine.A few months later, there I was. The people surrounding me, I knew, were Charli's real fans, the ones who already knew all the lyrics, who'd already bought their "Brat" green merch. These were the fans who always knew Charli would one day take over the dance-pop world and were thrilled to go along for the yearslong ride.Above me, Julia Fox and <a target="_blank" class="" href="https://www.businessinsider.com/lorde-drugs-albums-mdma-melodrama-cannabis-solar-power-2021-9">Lorde</a> were dancing, and around me, thousands of people were following suit. If anything, it felt more like a celebration than a concert.The Brooklyn Paramount is a relatively small venue — the theater has a 2,700-person capacity — and the intimate show was the perfect introduction to experiencing the album live. Each subsequent show was a very different, though equally thrilling, experience.<h2 id="017e5da1-149c-478b-92a8-bd1f14073a7b">Despite the last-minute scramble for tickets, the "Sweat" tour's electric atmosphere made every moment worth it.</h2>Next, I went to the Wells Fargo Arena in Philadelphia for Charli XCX and <a target="_blank" class="" href="https://www.businessinsider.com/troye-sivan-responds-body-diversity-criticism-rush-video-2023-7">Troye Sivan</a>'s co-headlined "Sweat" tour.At first, I wasn't able to get tickets to the "Sweat" tour because they sold out quickly. I thought I would be able to let it go, given that tickets that retailed for $79.50 without fees were now selling for upward of $300, and I had already gotten to see "Brat" live once. But deep down, I knew I couldn't miss out on this opportunity.After realizing how much cheaper it would be to see the show anywhere but in New York, I snagged tickets to the Wells Fargo show in Philly for $160, half the price that I would have paid a reseller for similar seats at Madison Square Garden. After clocking out at 5 p.m., I made the drive straight from work to an 8:30 p.m. show.Thankfully, the rush-hour traffic didn't derail my plans, and neither did the quick pit stop to change outfits in a random Wendy's bathroom en route.<div type="image" title="The authors view of the Sweat tour stage at the Wells Fargo arena in Philidelphia." height="1722" width="1292" msid="114356723" hostid="261" sizebytes="328318"></div>The energy at this show was completely different from the one before it. Sivan and Charli XCX know how to get a crowd excited. All it took was one "hands up," and thousands of arms eagerly flew into the air. I could have been seated anywhere in that arena and felt the same amount of passion and joy.It is no secret that a smaller venue calls for a better show, but the "Sweat" tour was electric — even from Section 203 of Wells Fargo, a sold-out arena holding over 16,000 people.I had a better view at Brooklyn Paramount where I spent roughly $100 less on my ticket, but the second show was still worth every penny and the stressful drive, even though I had to squint a bit.<h2 id="f32d0116-a39f-4caa-bc4e-5db2506c80c1">Charli's intimate performance at Storm King was my best experience yet, and the perfect reminder that "Brat" isn't just an album — it's a state of mind.</h2><div type="image" title="A view of the crowd at Charli XCX's Storm King Art Center show" height="5197" width="7791" msid="114356727" hostid="261" sizebytes="7640912"></div><a target="_blank" class="" href="https://www.businessinsider.com/charli-xcx-brat-autumn-remix-album-explained-2024-10">Charli XCX's set at Storm King</a> on October 10, a surprise album release celebration for her remix record "Brat and It's Completely Different but Also Still Brat," changed the game.The event was thoughtful and surprisingly intimate for such a spacious outdoor venue, with less than 1,000 fans in attendance. (Attendees had to secure their spot by signing up for an RSVP list; Business Insider was able to attend the event as press.)Special shirts reading "art" on the front and "Charli XCX at Storm King" on the back in the signature "Brat" font were handed out to fans. The beverage company Vitamin Water had stations set up offering drinks. Trucks from local vendors were providing food and alcoholic beverages, some of which were "Brat"-themed. And it was all free.A little past the food and drinks stood a 30-foot by 30-foot replica of a halfway-open gatefold cover of her new remix album, set to be released the next day — and nestled between the back fold of the vinyl was a DJ booth.Soon enough, Charli arrived, stepping out of a black Cadillac Escalade in a fur-trimmed coat and baggy light-wash jeans. She walked over to the DJ booth, passing by hundreds of screaming fans, and played some songs from her new remix album straight off of her iPhone. She made time to speak to the crowd a bit, even though she said she hadn't planned on it, and then left right back into the Escalade— on to her next show for the "Sweat" tour in Denver the following day.In all, she was probably there for about an hour, but she made the most of it.<div type="image" title="Charli XCX standing on the DJ booth holding her phone and speaking into a microphone at her album release show at Storm King." height="4284" width="5712" msid="114356721" hostid="261" sizebytes="722136"></div>Charli worked the crowd, going back and forth from behind the "Brat" green booth, to on top of it. She seemed eager to get as close to her fans as possible (which wasn't too difficult, given there was surprisingly no barricade or security set up).Everyone was pressed up against each other, and Charli was dancing with the crowd like we were all just friends at a bar. I had never experienced anything like it.But the show didn't end when Charli left. Fans, journalists, and influencers alike stayed and danced as the album played on a loop until Storm King employees finally told everyone it was time to go at 6:30 p.m.I didn't want to leave. Looking around at the red and orange foliage, leaving Storm King felt like saying goodbye to something bigger: "Brat" summer itself.But Charli XCX's Storm King show was the perfect farewell to "Brat" summer, and the best possible welcome to "Brat" autumn: a new, but still familiar, era for an artist who's proven she knows how to market herself (and keep the hype going long past the mini-skirt and sunglasses-inside weather).I'm already excited to see what Charli has in store for the next show I go to. (Hopefully not in the middle of another workday.)

I drove 3 hours at the crack of dawn on a workday to see Charli XCX for the third time in 4 months. It was worth it.

Australian pacer <keyword id="19942566" type="General" weightage="20" keywordseo="Josh-Hazlewood" source="keywords">Josh Hazlewood</keyword> believes India's confidence would have been shaken by the shocking series loss to New Zealand, but the "sleeping giant" can mount a strong comeback in the <keyword id="20534757" type="General" weightage="20" keywordseo="Border-Gavaskar-Trophy" source="keywords">Border-Gavaskar Trophy</keyword> starting later this month. India suffered a humiliating series whitewash after losing the third match by 25 runs to New Zealand in Mumbai on Sunday, the first time in their Test history, which goes back to 1933. "It might awaken a sleeping giant, so to speak. We'll see that when they come out," Hazlewood told 'Sydney Morning Herald'. Not only did the drubbing at home mark one of the darkest moments in India's Test cricket history, it has also significantly impacted the Rohit Sharma-led side's chances of qualifying for next year's <keyword id="19909461" type="General" weightage="20" keywordseo="World-Test-Championship" source="keywords">World Test Championship</keyword> (WTC) final. Three back-to-back losses meant that India have lost their top spot to Australia in the WTC standings. India are now faced with a tough task to win four of their five matches against Australia to qualify for their third consecutive WTC final without relying on external results. "It's obviously better them losing 3-0 than winning 3-0, easily. The confidence might have taken a bit of a hit. A lot of them have been out here, but there are a few batters who haven't, so they'll be a bit unsure of what to expect," Hazlewood said. "I don't think you can read too much into it. The results are obviously good for us in a way." Hazlewood, who is a part of Australia's three-pronged pace attack along with Mitchell Starc and skipper Pat Cummins, lauded his Trans-Tasman rivals for achieving something no other team has been able to do. "Credit to the Kiwi boys. They played outstanding cricket. To win 3-0 in India is unbelievable. It's hard enough to win one game there, let alone every match of the series," Hazlewood said. Australia are set to host India for a five-match Test series, starting November 22 in Perth. "Everything's falling into place. It's just a huge series. Every time we play India, it's right up there with the Ashes," Hazlewood said. "I think the crowds will be massive. I think the TV ratings could be huge. (There is talk) it could be the biggest ever." Hazlewood, who turned up for Queensland in their Sheffield Shield match against New South Wales, missed the opening ODI against Pakistan on Monday but said he would play the second match on Friday in Adelaide. "I pretty much got out what I needed ... very happy with how I bowled. Body felt surprisingly good. The longer I went, I think the better that I felt, and the rhythm was there," he added. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-6500mah-battery-to-launch-in-india-on-november-26/articleshow/114945858.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-6500mah-battery-to-launch-in-india-on-november-26/articleshow/114945858.cms" target="_blank">Realme GT 7 Pro with Snapdragon 8 Elite, 6,500mAh battery to launch in India on November 26</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms" target="_blank">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a><a href="https://www.businessinsider.in/business/auto/news/october-auto-sales-maruti-suzuki-and-tata-motors-report-a-decline-mahindra-continues-to-grow/articleshow/114931927.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/october-auto-sales-maruti-suzuki-and-tata-motors-report-a-decline-mahindra-continues-to-grow/articleshow/114931927.cms" target="_blank">October auto sales – Maruti Suzuki and Tata Motors report a decline, Mahindra continues to grow</a>

3-0 drubbing at the hands of NZ might awaken sleeping giant India, feels Hazlewood

<ul class="summary-list"><li>Nominations are open for Business Insider's third annual list of top climate leaders.</li><li>We're looking for top innovators spearheading climate solutions.</li></ul>We're seeking nominations for Business Insider's <a target="_blank" rel="" href="https://www.businessinsider.com/climate-action-30-global-leaders-climate-solutions-2023-11#abdulla-al-mandous-president-world-meteorological-organization-director-general-united-arab-emirates-national-center-of-meteorology-1">third annual climate action list</a>, which identifies global leaders working toward climate solutions.Aligning with COP29 and launching in November, BI's climate action list will invite honorees to share their progress toward achieving their climate goals and the specific actions they think our readers can take to do the same.The list is a part of BI's ongoing <a target="_blank" rel="" href="https://www.businessinsider.com/one-planet">One Planet program</a>.<h2 id="eb28bff6-dc16-420c-bbd7-31e45a62c043">What we're looking for</h2>Tell us about someone you believe is leading the most innovative solutions to tackle the global climate crisis.This could be a scientist or academic, a business leader, a founder, someone from an NGO, a private-sector executive, a politician or a policymaker, among others.Nominees can be located anywhere in the world. Self-nominations are also welcome.<h2 id="5d3e8f2a-1aa1-4c00-90dd-63f9880d8b33">How we judge</h2>Our editorial team and sustainability and climate experts will review the nominee shortlists and select the final honorees.<a target="_blank" class="" href="https://forms.gle/y9HWSQTzg5xqqMy97">Please submit your nominee via the below form or open it here</a>.The deadline for submissions is August 12.

Seeking nominations for Business Insider's third annual climate action list 

<ul class="summary-list"><li>Donald <keyword id="19906203" type="General" weightage="100" keywordseo="trump" source="keywords">Trump</keyword> pledged to enforce a 10% blanket tariff on all imported goods to the US.</li><li>It is months before Trump's inauguration, but tariffs are already on the lips of global business leaders.</li></ul>As soon as Donald Trump won reelection, CEOs worldwide discussed his plans for <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">a new</a><a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11"> era</a> of global tariffs. Although inauguration day is two months away, the leaders of consumer giants like BMW, Ikea, Airbus, and <keyword id="20017281" type="General" weightage="20" keywordseo="ralph-lauren" source="keywords">Ralph Lauren</keyword> were asked about the plans by the press and on earnings calls this week. Trump has vowed to impose a 10% blanket tariff on all foreign goods entering the US and up to 60% and 100% on goods imported from China and Mexico, respectively. He also floated a 100% tariff on imported vehicles and said he'd impose <a target="_blank" class="c-link" href="https://www.businessinsider.com/trump-tariff-threat-john-deere-economists-baffled-2024-9">a 200% tariff</a> on machinery giant John Deere if it continued with plans to move some production to Mexico. <h2>Asia</h2>During Trump's first term, the US and China imposed billions of dollars worth of tariffs against each other. Now, the potential for renewed trade disputes has concerned some Asian business leaders. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chinese-stocks-em-fx-currencies-rout-trump-election-stimulus-china-2024-11">Chinese stocks dropped</a> after news of Trump's election victory. <keyword id="23945005" type="General" weightage="20" keywordseo="shinji-aoyama" source="keywords">Shinji Aoyama</keyword>, a global executive vice president at Japan's Honda Motors, said on a Wednesday earnings call that new tariffs on Mexico would have a big impact on Japanese companies. Honda, for instance, has production plants in Mexico. "If the tariff is a permanent one — I suppose it could be not permanent — maybe we would go for the production elsewhere, which is not subjected to the US tariff that we could do it." Aoyama said that he did not expect tariffs to be imposed soon, but added that it would not be easy to stop production quickly in Mexico. "Whoever the president could be, we should not be too much swayed around by them," said Aoyama. <div type="image" title="Shinji Aoyama, global executive vice president of Honda, in a suit behind a grey background." height="2741" width="4000" msid="115088843" hostid="261"></div><keyword id="20489383" type="General" weightage="20" keywordseo="piyush-gupta" source="keywords">Piyush Gupta</keyword>, CEO of Singapore's top bank, DBS, said during a media briefing on Thursday that he found it hard to believe Trump would follow through with his proposed tariffs. "The better thing to do is to wait and see what policy they actually come up with. It's very hard to make projections at this point in time," said Gupta. Instead, he highlighted the impact Trump's policies could have on <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">Fed rate cuts</a>. Fewer rate cuts would boost net interest margin — a key metric for banks. "I think a higher interest rate environment is generally better for DBS," Gupta said. He added that DBS would be focusing on the legal and regulatory risks associated with the Trump administration. "They could come up with different kinds of sanctions and other policies — you have to be on top of that." <h2>Europe</h2>Trump has repeatedly said he sees the European Union's trade policies as unfair. During his first term, he <a target="_blank" href="https://www.businessinsider.com/trump-threatens-to-tax-european-cars-if-the-eu-retaliates-against-us-tariffs-2018-3">imposed a number of tariffs</a> on key European industries, including steel, aluminum, and certain luxury goods. Europe responded in turn with tariffs on goods including bourbon whiskey, Harley-Davidson motorbikes, and Levi's. The US is Europe's top trading partner, leaving its businesses highly vulnerable to Trump's proposed 10% tariff. Sectors like automobiles, pharmaceuticals, and chemical products, which represent the lion's share of European exports to the US, would likely experience the biggest economic hit. Shares in BMW, Mercedes, and Volkswagen all fell in response to Trump's victory. The US is by far Germany's largest export market, with goods worth $170 billion sent in 2023, per <a target="_blank" class="" href="https://www.destatis.de/EN/Themes/Economy/Foreign-Trade/Tables/order-rank-germany-trading-partners.pdf?__blob=publicationFile">Germany's statistical authority.</a> On Wednesday, <keyword id="20964414" type="General" weightage="20" keywordseo="oliver-zipse" source="keywords">Oliver Zipse</keyword>, chairman of BMW, downplayed fears over tariffs during a third-quarter earnings call, citing the company's large US business. "We have a strong footprint there, which kind of protects us against anything which might happen on the geopolitical side," he told analysts. Zipse also told reporters, <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/bmw-downplays-fears-over-us-tariffs-trump-election-win-2024-11-06/#:~:text=The%20U.S.%20market%20accounted%20for,carmakers%20in%20Europe's%20biggest%20economy">per Reuters,</a> that BMW "shouldn't be too nervous about what might happen." <div type="image" title="Oliver Zipse of BMW speaks in a blue suit behind images of motorbikes and cars." height="3203" width="4804" msid="115088838" hostid="261"></div>Arne Freundt, CEO of German sports brand <keyword id="19922141" type="General" weightage="20" keywordseo="puma" source="keywords">Puma</keyword>, took a similarly relaxed attitude to potential tariffs. "We can shift volumes to other countries swiftly in case of tariffs increase in certain countries," Freundt said. "Politics is politics," Ikea's CEO, Jesper Brodin, told Business Insider when asked about how Trump's tariffs would affect international business. "So we work with longer term cycles and investment frames, and so on. In Ikea, we are very clear on our direction." Guillaume Faury, CEO of the airline Airbus, was more concerned about how tariffs may impact prices. Addressing Trump's proposed tariffs during Airbus' third-quarter earnings call the day before the election, Faury warned that the cost of any new tariffs would be passed along to Airbus's airline customers, as in 2020. "We don't believe that's helping aviation and the competitiveness of the airlines and the aviation industry, but it's something we would be able to manage," Faury said. During his first term, Trump and the European Union were locked in <a target="_blank" href="https://www.businessinsider.com/trump-administration-slaps-tariffs-european-goods-2020-2">a long-running dispute</a> over aircraft subsidies, which the US said put Boeing at a disadvantage, and 15% tariffs were imposed on aircraft imported from the EU. Soon after Trump's departure from the White House, <a target="_blank" class="" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3001">the two sides ended their dispute and axed the tariffs</a>, but renewed tariffs could lead to issues once again. <div type="image" title="Airbus general director Guillaume Faury" height="3000" width="4500" msid="115088848" hostid="261"></div>Martin Sorrell, executive chairman of the UK-based advertising company S4 Capital, described the President-elect as "good news" for North American businesses and companies during an earnings call on Thursday. "Whilst US business doesn't like to talk about it, basically US businesses wanted to see a Trump administration because it means low tax and low regulation," Sorrell said. He added that Europe would be more challenged because of the threat of tariffs. <h2>USA</h2>While tariffs are intended to protect domestic industries by making imports more expensive, companies whose supply chains include foreign contractors could see their costs rise. Justin Picicci, Ralph Lauren's CFO, said that over the last seven-plus years, the fashion brand has diversified its sourcing and developed alternative production for its key products. "Our global sourcing and supply chain is agile and well-positioned," Picicci said during an earnings call Thursday. "So we'll wait and see what, if any, future policy ultimately gets passed. But we've navigated tariffs successfully before, including not so long ago," Picicci said. The costs of tariffs are often passed onto the consumer in the form of price rises. But as demand for domestic goods increases, consumers see higher prices across the board. <keyword id="23945003" type="General" weightage="20" keywordseo="timothy-boyle" source="keywords">Timothy Boyle</keyword>, chief executive of Columbia Sportswear, said in an interview with <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/10/30/companies-tariffs-trump-prices/">The Washington Post</a> published on October 30 that the brand was set to raise prices if tariffs were imposed. "It's going to be very, very difficult to keep products affordable for Americans," he said. Correction: November 8, 2024 — An earlier version of this story misspelled the name of a Honda executive. He's Shinji Aoyama, not <keyword id="23945004" type="General" weightage="20" keywordseo="shinju-aoyama" source="keywords">Shinju Aoyama</keyword>.

CEOs around the world started talking about Trump's tariffs as soon as he won

Payments made via Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>). The value of transactions also saw a growth of over 35%, totaling Rs 20.64 trillion. This marks the third consecutive month when total transactions exceeded Rs 20 trillion. In June 2024, the total UPI transaction value was Rs 20.07 trillion, while in May it was Rs 20.44 trillion. NPCI data also showed that the average daily transaction value through UPI in July 2024 was Rs 466 million, or about Rs 66,590 crore. Compared with June, the volume of <keyword id="19957378" type="General" weightage="100" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword> grew by 3.95% in July, while the value of transactions increased by 2.84%. In the first four months of the current fiscal year (2024-25), UPI recorded transactions amounting to Rs 80.79 trillion, across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin of the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) reported that over the last four years, UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80% of the total digital payment volumes. Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57% year-on-year in FY24. Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86%, according to the Boston Consulting Group's (BCG) Banking Sector Roundup for 2023-24. A shift in <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> was noted, with credit card transactions doubling over the past three years. In contrast, debit card transactions declined by 43% year-on-year. By making digital payment platform technology and device agnostic, UPI has contributed to <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> at the grassroots level. Digital payments in India are hitting fresh highs, as citizens increasingly adopt emerging modes of online transactions. One key emphasis of the Indian government has been to ensure that the benefits of UPI are not limited to India alone; other countries, too, can benefit from it. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly using a Virtual Payment Address (VPA) created by the customer. The share of UPI in digital payments in India has reached close to 80% in 2023. Today, India accounts for nearly 46% of the world's digital transactions, based on 2022 data.

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